Democratic lawmakers in the US lambasted oil majors in a new report on Tuesday (30 April), claiming that the industry has engaged in “an elaborate campaign of deception and doublespeak” to forestall meaningful climate action and sustain their outsized profits.
Oil held gains after the US and UK made a fresh round of strikes against Iran-backed Houthi rebels in Yemen, fanning tensions in the Middle East and offsetting concerns global supplies remain ample.
The USV mobilisation this morning is the first such reported incident using this technology. Previously the Houthis have used unmanned aerial vehicles, small boats and missiles.
“Longer supply lines tie up more vessels, boost freight rates, widen origin-destination spreads, and lift bunker demand,” Bank of America Global Research analysts said.
US LNG is almost four-times more carbon-intensive than domestic UK gas production.
The president has given companies operating in Essequibo three months to withdraw. ExxonMobil's Stabroek block is at least partly within the Essequibo marine territory.
Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
While algorithmic CTAs add much-needed liquidity to the market, their trading strategies can amplify daily swings to an extreme. In 2022, when CTA trading volumes rapidly expanded, New York oil futures posted a more-than $2 daily move 242 times.
Based on the IEA’s STEPS baseline scenario, Guyana will increase production to around 2mn bpd by the mid 2030s. Under the more conservative APS scenario, the IEA sees Guyana reaching 1.3mn bpd by 2035.
“BP is paying half a billion pounds per year” on its 3 GW commitment. “It will take not less than six years, although they say it will take four. No project has been developed that fast,” Gorski said.
Russia imported millions of pounds of Halliburton equipment last year despite sanctions, according to a report by The Guardian.
“The assets we are acquiring have long useful lives and natural gas utilities are ‘must-have’ infrastructure for providing safe, reliable and affordable energy.”
Cerasoli said the FERC rules were a good start. “The next problem, though, is that the grid is not going to be large enough to cope with the expansion of power, it needs to be upgraded,” he said.
All told, Ørsted’s impairments may reach 16 billion kroner ($2.33bn).
In the first quarter, Woodside reported an average portfolio sales price of $85 per boe. In the second quarter, this fell to $63.
Denbury’s Rocky Mountain assets are connected to Exxon’s Shute Creek gas facility near LaBarge, Wyoming, which has captured more carbon than any other asset in the US.
Other partners include Global Infrastructure Partners (GIP), GIC and Mubadala. These companies will provide $4.8bn and will receive 62.5% of funds generated from the Rio Grande LNG first phase. The largest commitment comes from GIP, which is stumping up $3.5bn.
The backlash against investing strategies that factor in environmental, social and governance issues is rising in the US and is impacting the way managers are thinking about integrating such considerations into their funds, according to a survey by HSBC Holdings.
“Government funding is phenomenal but it will have to be repaid. The headwind will be the realisation that the energy transition will cost a lot of money,” DeCotis said. “We have to communicate, though, that the cost of doing nothing is higher.”
The number of rigs active in the US has fallen, down by 72 since the November 2022 peak.
The deal valued PDC at $6.3 billion, or $72 per share. The company is currently trading at around $65, with the deal offering a 11% premium.
Defence Secretary Ben Wallace said the UK’s armed forces had come through with providing an additional evacuation site. HMS Lancaster and the RAF are providing support at Port Sudan.
At a Louisiana shipyard Tuesday, construction slowed so executives, politicians and reporters could tour a boat that’s almost as long as a football field. Some workers welded steel bulkheads, while others used an industrial press the size of a trailer to bend metal. At the center of the activity sat the Eco Edison, a concrete and expensive sign that some companies are pressing ahead in the fledgling offshore wind industry.
Wind power industry growth dropped to the lowest in three years in 2022, hit by rising costs and shifting government policies.
Phase 2 will cost $1.16 billion over the next three years, with the company aiming to reach commercial operations by 2026.